The fact that it takes a little cranking if it sits for a while is normal. It may be that your area uses a fuel that evaporates quicker than other areas and you just need to refill the float bowl. The EPA mandates a variety of fuel formulations depending on geographical area and some have a different latent heat of vaporization than others.
Moving on to the carb, I do not have experience with this particular carb. The situation you describe has nothing to do with the float level either. I would try setting the mixture screws using a vacuum gauge and setting the mixture for the highest idle vacuum. Being that it has the oddball reverse setup, it may be entirely normal for it to operate in this fashion. I would then adjust the timing and idle speed after setting the mixture screws. The timing will also affect the idle speed, just like the mixture, so it is important to set the final idle speed last. You may have to exchange timing and mixture for idle speed a few times along the way, but again this is normal. Holley did make other spread bore carbs over the years. I have a real oddball 650 double pumper that is a spread bore. It is not a modular carb like the 4150/4160 series, but rather has a removable top like a Carter AFB. It was a "new" style carb they sold during the 90's but have since discontinued.
Moving on to the carb, I do not have experience with this particular carb. The situation you describe has nothing to do with the float level either. I would try setting the mixture screws using a vacuum gauge and setting the mixture for the highest idle vacuum. Being that it has the oddball reverse setup, it may be entirely normal for it to operate in this fashion. I would then adjust the timing and idle speed after setting the mixture screws. The timing will also affect the idle speed, just like the mixture, so it is important to set the final idle speed last. You may have to exchange timing and mixture for idle speed a few times along the way, but again this is normal. Holley did make other spread bore carbs over the years. I have a real oddball 650 double pumper that is a spread bore. It is not a modular carb like the 4150/4160 series, but rather has a removable top like a Carter AFB. It was a "new" style carb they sold during the 90's but have since discontinued.